Tesla Inc.'s fourth-quarter results were a miss, and Tesla shares are down more than 5% in the the extended session Wednesday. The EV maker reported sales of $25.7 billion in the quarter, below FactSet consensus of $27.

At the World Economic Forum in Davos, tech executives stressed the importance of the U.S. and its allies advancing data centers and finding the right regulatory balance to stay competitive with China in AI development. Ruth Porat from Alphabet acknowledged the US’s lead in AI models but warned that it was not guaranteed to last, Bloomberg reported.

Anxiety over a Chinese startup’s threat to American artificial intelligence dominance faded further Wednesday as investors turned their focus to the Federal Reserve’s rate decision due later in the da